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Hogan, William

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Hogan

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Hogan, William
Author's Publications: search.filters.isAuthorOfPublication.a71f4115-825d-4cd5-8864-53c22b2d42ba

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    Potential Revenue and Breakeven of Energy Storage Systems in PJM Energy Markets
    (Springer Science and Business Media LLC, 2018-10-30) Salles, Maurício B. C.; Gadotti, Taina N.; Aziz, Michael; Hogan, William
    The operation in energy arbitrage markets is an attractive possibility to energy storage systems developers and owners to justify an investment in this sector. The size and the point of connection to the grid can have significant impact on the net revenue in transmission and distribution systems. The decision to install an energy storage system cannot be based only on the cost of the equipment but also in its potential revenue, operation costs, and depreciation through its life cycle. This paper illustrates the potential revenue of a generic energy storage system with 70% round trip efficiency and 1–14 h energy/power ratio, considering a price-taking dispatch. The breakeven overnight installed cost is also calculated to provide the cost below which energy arbitrage would have been profitable for a flow battery. The analysis of the potential revenue was performed for 13 locations within the PJM Real-time market. We considered hourly data of day-ahead and real-time locational marginal prices over 7 years (2008–2014). Breakeven installed cost per MW ranged from USD30 (1 MW, 14 MWh, 2009) to USD340 (1 MW, 1 MWh, 2008).
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    Bromine-free quinone flow battery chemistries
    (American Chemical Society, 2015) Marshak, Michael; Aziz, Michael; Gordon, Roy; Aspuru-Guzik, Alan; Hogan, William
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    Potential Arbitrage Revenue of Energy Storage Systems in PJM during 2014
    (IEEE, 2016) Salles, Markus; Aziz, Michael; Hogan, William
    Abstract— The price of electricity in the Mid-Atlantic (PJM) region of the United States increased during the “Polar Vortex” at the beginning of 2014. Transmission lines were congested because of high demand during the extreme cold weather. The natural gas price for electricity generation increased more than 35% at the end of 2013. Energy Storage Systems (ESS) would period. Other opportunities in energy arbitrage define the greatest scale for storage applications. Real-time and Day-ahead markets in PJM provide alternative arbitrage opportunities. Considering the prices in 2014 for 7,395 locations in PJM, results show the potential revenue for ESS for normal arbitrage and for extreme cold weather events.
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    Publication
    Potential Arbitrage Revenue of Energy Storage Systems in PJM
    (MDPI AG, 2017-07-27) Salles, Mauricio; Huang, Junling; Aziz, Michael; Hogan, William
    The volatility of electricity prices is attracting interest in the opportunity of providing net revenue by energy arbitrage. We analyzed the potential revenue of a generic Energy Storage System (ESS) in 7395 different locations within the electricity markets of Pennsylvania-New Jersey-Maryland interconnection (PJM), the largest U.S. regional transmission organization, using hourly locational marginal prices over the seven-year period 2008–2014. Assuming a price-taking ESS with perfect foresight in the real-time market, we optimized the charge-discharge profile to determine the maximum potential revenue for a 1 MW system as a function of energy/power ratio, or rated discharge duration, from 1 to 14 h, including a limited analysis of sensitivity to round-trip efficiency. We determined minimum potential revenue with a similar analysis of the day-ahead market. We presented the distribution over the set of nodes and years of price, price volatility, and maximum potential arbitrage revenue. From these results, we determined the breakeven overnight installed cost of an ESS below which arbitrage would be profitable, its dependence on rated discharge duration, its distribution over grid nodes, and its variation over the years. We showed that dispatch into real-time markets based on day-ahead market settlement prices is a simple, feasible method that raises the lower bound on the achievable arbitrage revenue.